Concerns in the US and abroad that the stalemate in Congress could cause the US to default on its loans has put the dollar on shaky ground and pulled share markets down.

President Barack Obama said on Tuesday that he would be willing to accept even a short term increase in the nation’s borrowing limit, as long as it came without any terms attached. However Republican House Speaker John Boehner responded by saying Republicans won’t raise the debt ceiling unless it is alongside deficit-reduction measures.

On Wednesday, President Obama is expected to announce that Janet Yellen will replace Ben Bernanke as Chairman of the Federal Reserve. Yellen’s new position will need to be approved by the Senate before she will become the first female Fed chief in history.

With talks between the West and Iran set for next week, Iran has begun to put together a proposal which will include stopping production of nearly weapon grade nuclear fuel and opening its facilities to tougher international inspections. In return, Iran will likely ask the West to ease some of the sanctions on its oil exports.

Wal-Mart Stores and Bharti Enterprises announced on Wednesday that the two will part ways from their Indian joint venture and will operate separately in the country. Wal-Mart’s growth in India has been difficult as the company faced challenges like the nation’s foreign investment rules and an international bribery probe. Moving forward, Wal-Mart will acquire Bharti’s 50 percent stake in the joint venture and run its 20 Indian stores independently.

Samsung stepped forward in the mobile market’s innovation war after it launched the first smartphone with a curved screen. This development puts Samsung one step closer to developing a wearable product with a flexible and unbreakable screen.

Asian markets were mostly higher on Wednesday, the Japanese NIKKEI gained 1.03 percent and Indonesia’s JSX composite was up 0.62 percent. However New Zealand’s NZ 50 and Hong Kong’s Hang Seng index were both down 0.59 percent.

European Markets

European markets were under pressure from US shutdown woes. The UK’s FTSE lost 0.39 percent and the eurozone’s STOXX 60 fell 0.34 percent. France’s CAC 40 was down 0.32 percent and the German DAX fell 0.13 percent.